Literally millions of people are flocking to hundreds of auction sites to hunt for treasures and bargains. The worldwide web has over 170 auction sites from general interest to very specifically focused sites featuring items like coins, baskets or marine items. In a typical auction web site, items are put up for bidding over a defined period of time. The person (or persons depending on the auction type) submitting the highest bid can then purchase the item at the bid price. In previous systems, the bidding data such as the current high bid, the reserve price etc. have been expressed in terms of a single currency, typically United States dollars.
However, there are many other mediums of exchange. One example is the incentive program. Incentive programs are typically offered by sponsoring organizations to promote the sales of their products or services, or to improve another measure of performance of participating employees and independent contractors of the sponsor. Incentive programs are also known as “promotions.” Participants can receive credits in the form of a reward media that are accumulated and can be exchanged for merchandise and/or services.
A disadvantage of auction web sites is that the user cannot redeem incentive program reward media, such as frequent buyer points at these sites. A further disadvantage is that the bid and sale amounts are displayed in a single currency to all users, regardless of the type of media they may hold.
Therefore, there is a need in the art for a system that can provide auction web services that can use multiple media types. Furthermore, the system should be able to limit access to those who participate in sponsoring organizations' programs.